Jac, don't know if adverse possession could apply in this case. The person must be in possession of the land for 10-15 years (varies state to state. 10 years in NSW I think) to the exclusion of others. This doesn't appear to be a fence out of alingment but just a fence that will be extended. Any aplication for adverse possession would be complex…[Read more]

minds-eye wrote:
My next question would be – can I still treat this property as my "Main residence" if I rent it out and purchase another property to live in?

Possibly, but you can only claim one property at any time as a main residence (except 6 months overlap when selling).

Don't forget stamp duty in ACT may be deductible against income as the land is lease hold.

BigCubez wrote:

minds-eye wrote:
I was thinking that I would rent the property out initially in order to claim approximately $5k worth of deductions during the construction phase.

I'm not sure what 5K deductions your trying to claim during construction. It is my understanding that if the property in not available for rent, then you can't…[Read more]

See the movie 'end of watch'

That is the trouble with international investments. This is a very complex area and you must expect to pay for this extra complexity. You need someone with a masters in tax, as the average tax person wouldn't know much.

richard1983 wrote:
I was sure that is what read in 0 to 130 properties in 3.5 years…

A fairy tale…

I think you should keep your business trading accounts with a different bank. What could happen if you have a hard time and your accounts look bad – your bank could start to get worried. If you were going to try to get over this bad period by borrowing more money from the same bank then they would be even more worried.

There could be a pty ltd company as trustee (and should be). Each unit holder could be a separate pty ltd company as trustee for another discretionary trust.

You have to consider who will control the trustee. Who will be director? How many directors, How owns the shares in the trustee company. What happens if a director dies, how will a new…[Read more]

You entered into a contract and you now want to break that contract. I would suggest you read your contract in full and see if there was any cooling off provisions and then determine if you notified them in time.

Also consider contacting the department of fair trading in your state.

Cancelling the credit card won't save you as the bank can still…[Read more]

richard1983 wrote:
Grrrr… I like a family trust because of simple finance which allows the ability not to hit the borrowing cap of other paths

Richard, what do you mean by this? This is not the case from my experience

Its good in theory but you have to plan for every possible eventuallity.

What will happen with finance? All directors and unit holders need to guarantee the loan. If 5 people guarantee the loan then this is going to be 5 times as risky as an individal buying and hurt future borrowing capacity of everybody. This can be structured around so only…[Read more]

nkrasn wrote:
I am new to property investing but I am looking to buy an investment property and I have a company Pty Ltd set up as Family Trust. So in a nut shell, I am trying to confirm whether there are more pros to using a family trust to buy an IP???
As my new tax accountant says there isn't much difference.

Also, many years down the road,…[Read more]

Thats right accountants cannot give asset protection advice as this is legal advice and they are not trained in this area. But many do, so take their advice with a grain of salt, but it is important to get the tax advice as well.

Yes. i have never heard of a resi non recourse lender. Only for larger commercial deals.

You could possibly use one of the super loans…prob not

@sydney wrote:
Yes, we signed "Exclusive Management Agency Agreement" with the current agent. The vancancy rate in that area is below 2%. I admit our rent is a bit too high in the first place. It's what agent suggested. After few weeks, the agent suggested we drop the price which we did. That's why we feel that the agent is not very effective.…[Read more]

I agree Doug.

RPI – how do you become a surveyor?

You will have to see what you agreed to with the original agent. Did you sign a contract of some sort?

One strategy may be to add dad to title now. Then build and subdivide splitting the blocks on completion. Stamp duty on the way in, but only half of the value at that time. On sub-division it is possible that not stamp will be payable but this must be set up properly up front using a deed of partition.